U.S. oil prices have been trading in a range between $88 and $95 a barrel since the start of the year but prices have been much higher in other parts of the world.

Brent crude, the benchmark European oil standard, hit a 2-1/2-year high of $105 a barrel before retreating slightly to settle at $102.52 a barrel. An overhang of supply has been keeping U.S. prices on the low side ... for now.

"All eyes are on the Middle East and North Africa crisis regarding potential disruptions in oil exports that could drive crude oil prices even higher," Myrto Sokou, an analyst at Sucden Financial, wrote in a research report.

Monday's spike follows violent clashes in Libya over the weekend that were spurred, at least in part, by angst over high unemployment. The unrest has left at least 233 people dead in Libya, according to Human Rights Watch.

Tensions remained high in the North African nation Monday, albeit a far cry from the tumult seen Sunday, when the violence and chaos came to Libyan leader Moammar Gadhafi's doorstep Tripoli, Libya's capital, for the first time.

BP confirmed Monday that it is preparing to evacuate about 140 families and non-essential staff from Tripoli. The oil company said none of its operations were impacted ... yet. But it has suspended preparations for a drilling project in Libya's western desert.

Shell Oil said it closed its Tripoli office, but employees are able to work from home. So far, only dependants of its expatriate staff have been relocated out of the country. "We continue to monitor the situation very closely," said Shell spokesman David Williams.

Libya produces 1.6 million barrels of oil a day, according to the U.S. Energy Information Administration.

By contrast, Russia produces 10.1 million barrels per day, while the United States produces 9.8 and Saudi Arabia, currently observing OPEC production quotas, produces 8.57 million barrels per day. Those numbers include oil from ethanol, natural gas liquids and other products.

The world consumes 87.5 million barrels of oil day. But the balance between what it produces and what it consumes is, as always, tight -- which makes Libya's 1.6 million barrels a day important.

"As long as the situation in this key oil-production region of the Middle East and North Africa remains so volatile, expect prices for the commodity to remain supported," said Ilya Spivak, an analyst at DailyFX, in a research report.

Gold prices also rose as investors sought the perceived safety of precious metals. April gold was up $14.30, or 1%, to $1,402.90 an ounce. Silver also jumped, rising 3.5% to $33.42 an ounce.

The unrest in Libya is part of a wave of protests across the region that started in Tunisia earlier this year and spread to Egypt, where antigovernment protesters toppled the regime of Hosni Mubarak earlier this month.

Iran, one of the world's largest oil producers, has seen a renewal of the opposition that has simmered since the country's 2009 election, when hundreds of thousands of people filled Tehran streets to denounce the re-election of President Mahmoud Ahmadinejad.